LondonMetric and Schroder REIT Venture Eyes Landlord Picton

A venture between LondonMetric Property Plc and the Schroder Real Estate Investment Trust has submitted a proposal to acquire rival UK landlord Picton Property Income Ltd.

The venture is one of a “range of interested parties” that expressed an interest in buying the real estate investment trust, which has a market capitalization of £405.9 million ($544 million), according to a statement Tuesday issued by Picton’s board. Picton said it’s now shortlisted several parties to proceed as part of its sale process and will update the market in due course.